The oil companies must be in big trouble financially. Gas prices are at an all time high and an energy bill was passed over the summer to give oil companies billions of dollars in tax breaks, subsidies and loan guarantees. Additionally, Congress recently passed a bill to let oil companies open more refineries in areas that were previously protected due to environmental concerns. Surely these big oil companies must be close to bankruptcy.

Actually, the complete opposite is true.

Exxon Mobil Corporation, the second largest petroleum producer in the world, has just announced their third-quarter earnings report and the results are baffling. Not only did their sales eclipse $100 billion, their profits also broke company records with more than $10 billion going into the company’s pocket. This is the first time any company has ever eclipsed the $100 billion mark, and their profit margin is a company record. But Exxon Mobil is not the only oil company with such gaudy earnings in the last three months; every single big oil company had similarly eye-popping earnings reports.

Hurricanes Katrina and Rita supposedly crippled the oil industry, and the major news networks blamed these storms for rising gas prices and gas shortages. But if the oil industry was hit so hard by these hurricanes, how could they have not only profited during that time, but set company records? Something fishy is obviously happening, but what will our elected officials do to not let this happen again?

Congress democrats and a few republicans responded quickly to these findings by demanding a new windfall profits tax for the oil companies, but leading republicans and the Bush administration are not so keen on the idea. In fact, Bush and his Energy Secretary have proposed the creation of an emergency oil reserve instead to help cushion consumers. It would make perfect sense for the government to cut big oil profits and have the result of those cuts be seen at the gas pump and in our heating bills. But the fact is that Bush and his cronies do not want to help the American public. People will complain about gas prices, but we are so reliant on oil that we will find a way to pay for our fuel and heat. The current administration knows this and would rather reward the oil companies than help consumers.

And not only are the oil companies rewarded for being oil companies, but our current leadership is rewarding them if they choose to expand. We are even allowing the companies to drill in coastal waters and open new refineries on previously protected land. Oil continues to be this nation’s first priority. Money for the development of new sources of energy is there, but it is greatly exceeded by the funds given to oil companies to search for more oil.

These findings are the latest in a string of misdeeds that have been brought upon the American public by the irresponsible republicans. They constantly choose to help corporations instead of the average American. Not only do consumers’ wallets suffer at the pump and in the home, but also the taxes that we pay are going directly to the same oil companies that do a very good job of screwing the customer and making copious amounts of money while they do so.

Some ranking republicans have suggested that new price-gouging legislation should be looked into. It is a small step in the right direction, but might be too little too late. This type of law can be hard to enforce, and the fines handed to oil companies will most likely do little to effect their bottom line.

Our government needs to stop helping those who do not need any assistance. Just as the richest people in our country do not need the tax breaks that they receive, Exxon Mobil does not need billions of dollars in tax breaks when they make over $25 billion in profit a year.

Todd Swiss is a senior in LAS. His column appears every Tuesday. He can be reached at [email protected].